Dogecoin loses Musk-effect
The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”
DOGE/BTC daily price chart. Source: TradingView
Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.
That’s more than 36,000% gains in just two years. But things have gone downhill ever since.
Investors reflected hopes that even